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‘8 in 10 don't understand the New ISA’

Wednesday 2nd July 2014

After yesterday’s launch of the New ISA (NISA), alarming research by TD Investing has revealed that 77% of Brits has little or no understanding of the £15,000 New ISA allowance. 
The research, which surveyed 2244 adults across Great Britain in June, also showed that 63% of people are not planning to use their increased tax wrapper allowance. 
Stuart Welch, CEO of TD Direct Investing commented that the lack of information from the government has led ot large swathes of confusion about the new products all over the country.
“It is truly a shame because people should be encouraged to make the most of the tax efficient wrappers, particularly as we emerge from a five year austerity drive – and people start to think more about planning for their future,” he said.
Despite the confusion, TD Investing’s existing customer data shows an 8% year on year increase in active Stocks & Shares ISA accounts. 
“Greater access to educational tools and an increase in knowledge and confidence amongst savers could see more people embracing Stocks & Shares ISAs as key building block of their portfolio,” Mr Welch concluded. 

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